Corebridge Financial and Equitable Holdings are joining forces in a deal worth about $22 billion. This all-stock merger will create one of the biggest retirement, life insurance, and asset management companies based in the US.
The combined company will serve over 12 million customers and manage around $1.5 trillion in assets. Both companies’ boards have approved the deal, which is expected to wrap up by the end of 2026, pending regulatory and shareholder approval.
Under the agreement, Corebridge shareholders will own about 51% of the new company, while Equitable shareholders will hold roughly 49%. The merged company will use the Equitable name and remain listed on the New York Stock Exchange under the ticker “EQH.”
The new business will cover a wide range of services, including individual and group retirement plans, life insurance, institutional markets, asset management, and wealth management. The goal is to expand distribution, diversify income, and strengthen their position in the market.
Financially, the company is expected to earn more than $5 billion in operating profits and generate over $4 billion in cash flow. The deal is set to boost earnings per share and cash flow right away. By 2028, earnings are predicted to grow by more than 10%, driven by over $500 million in yearly savings mainly from streamlining operations.
The merger will also bring Equitable’s majority-owned asset manager, AllianceBernstein, into the fold. The plan includes moving more than $100 billion of Corebridge’s assets to AllianceBernstein over time, which should broaden investment opportunities.
On the financial side, the new company will have shareholders’ equity of over $30 billion and a leverage ratio near 26%. Both companies have strong capital positions, with risk-based capital ratios well above 400% at the end of 2025.
Leadership will include executives from both firms, and the company’s headquarters will be in Houston, Texas. This deal marks a major consolidation in the US insurance and asset management industry, combining two strong companies with complementary strengths in retirement and wealth services.